Wipe the fresh mushrooms clean with a damp paper towel. Break into bitesized pieces and reserve. Soak dried porcini in enough boiling water to cover for about 1/2 hour, or until pliable. Drain them, reserving the soaking liquid, and rinse mushrooms under running water. Chop into bitesized pieces and add to fresh mushrooms. Strain soaking liquid, add to stock and set aside.
Heat oil and butter in a large saucepan over medium low heat. Cook onions with salt and pepper until soft and translucent, 7 to 10 minutes. Stir in garlic and cook until aroma is released, about 1 minute. Add mushrooms and saute until golden. Add brandy, turn heat to high, and scrape bottom of pan with a wooden spoon to release brown bits.
Light alcohol with a match. When flame subsides, add rice and saute until slightly colored, about 1 minute. Add bay leaves and 1/2 cup stock. Bring to a boil, reduce heat to medium, and cook until near dry.
Once the liquid is evaporated, briefly saute rice. Then, add stock 1/2 cup at a time, constantly stirring with a wooden spoon until absorbed. Repeat procedure, stirring constantly and briefly sauteing between additions, until all stock has been absorbed. You must constantly stir while cooking rice. When done, the rice should be glazed outside and soft throughout. It takes approximately 20 minutes to add all the stock. Stir in Parmesan cheese. Serve immediately.